San Antonio (Texas) Fire & Police Pension Fund terminated a $49 million small-cap emerging markets equities strategy run by Lazard Asset Management, recently released board meeting minutes show.
The strategy was terminated for performance issues. Hillary Yaffe, a spokeswoman for Lazard, declined to comment.
The redeemed funds will be reallocated to index funds until a new emerging markets equities manager is found. A timeframe for seeking a new manager was not established.
The board made the decision at its Jan. 27 meeting.
Cary Hally, chief investment officer for the $3.4 billion plan, could not be immediately reached for additional information.